Following ownership changes, Alexander Forbes East Africa Limited has rebranded to Zamara.
Alexander Forbes Group of South Africa has reduced its stake in the Kenya-based regional financial services provider to comply with an amendment in the country’s Retirement Benefits Act which restricts foreign ownership of a pension fund administrator to a maximum 40 percent.
Kenyan investors and employees of the company under the Employee Share Ownership Plan (ESOP) are the new majority owners of the new entity.
“We wish to inform our customers, employees and other stakeholders that our operations will continue uninhibited as we enter a new and exciting phase in our business and bring a fresh perspective to financial services,” said Alexander Forbes East Africa Group Chief Executive Officer Sundeep Raichura.
Alexander Forbes provides actuarial, pensions, medical and insurance solutions.
Alexander Forbes South Africa retains a 31.3 percent minority stake in Zamara down from its previous 60 percent shareholding.
Raichura added that with the rebranding also comes an opportunity for new strategy including new products and services as well as an expansion drive.
There will be no changes in the company’s leadership.